Update Re US Budget Bill and YPF Ruling
US tax provisions ruled ineligible for budget bill; court orders Argentina to transfer YPF shares to custody account.
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Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today issues the following update on two significant developments yesterday.
US Budget Reconciliation Bill
With reference to Burford's prior June 17 and June 30, 2025 statements in connection with proposed tax provisions relating to litigation finance included within the US Senate's draft of the budget reconciliation bill:
The Senate Parliamentarian ruled that those provisions are not eligible for inclusion in the bill.
YPF Turnover Decision
With reference to Burford's prior November 7, 2024 statement concerning a motion made in the U.S. District Court for the Southern District of New York (the "Court") in the Petersen and Eton Park matters as part of the overall, ongoing effort to enforce the judgment against the Argentine Republic:
The Court ordered Argentina to transfer its Class D shares of YPF (representing approximately 51% of YPF's outstanding shares) to a global custody account at Bank of New York Mellon ("BNYM") within 14 days and to instruct BNYM to transfer those shares to Petersen and Eton Park within one business day.
While this is a positive development in the enforcement campaign against Argentina, it is entirely possible that it will be the subject of further judicial proceedings.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.